Technical analysis by jamesdbarnard about Symbol BTC: Sell recommendation (4/19/2022)

While I anticipate a fairly brief 'relief' rally, possibly up towards 44.6k, there can be little doubt that BTC looks set for yet further correction from it’s 2020 – 2021 chargeThe weekly moving averages of significance (50 & 20 MA) crossed down on 14th March and if we take a look back at the historical data regarding these crosses it makes for break reading.In 2014 they crossed and this saw the price fall by over 74% over a 154 day period before beginning to move back towards the upside.In 2018 they crossed again and this saw the price fall by over 50% over a 175 day period before again returning to it’s upside move.Early on in 202 there was a black swan event in the form on the COVID-19 crash which I will not count for this analysis.Looking at this historic data I am expecting a 150 – 175 day period of sustained bearishness with lower highs and lower lows on a weekly basis. With a potential 46% price drop falling at least to 30-35k and possibly even somewhere between 22-25k.A wick down to this area would also fill a much needed gap in the CME which has previously caused BTC to have it’s handbrake on when reaching for new highs.Coincide this with the DXY, which has a confirmed negative correlation with BTC, looking unstoppable on it’s charge to 102 and the bitcoin bull support band falling through everything seems to align to this idea.As always, please leave a like and let me know your thoughts.